Moody's lifts Bumi series B notes to Caa3

Moody's Investors Service said it upgraded the rating on the series B backed senior secured notes issued by Bumi Resources Tbk.'s wholly owned subsidiary, Eterna Capital Pte. Ltd., to Caa3 from Ca.

At the same time, Moody's said it placed the following ratings on review for upgrade: Bumi's Caa3 corporate family rating and the Caa3 ratings on its series A and series B backed senior secured notes issued by Eterna Capital.

The outlook has been changed to ratings under review from negative.

“The review for upgrade reflects Bumi's planned repayment of substantially all its debt using proceeds from its planned $1.6 billion share issuance that was recently approved by its shareholders,” said Maisam Hasnain, a Moody's vice president and senior analyst, in a news release.

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